Posted on 10/18/2022 12:05:57 PM PDT by SeekAndFind
The Biden administration on Monday officially began accepting applications for its student-debt cancellation program and said over 8 million people have already applied.
The Education Department is running the application website and unofficially launched it Friday in test-run mode, according to The New York Times.
The agency holds at least $1.6 trillion in student loans for about 45 million borrowers.
"This is a game changer for millions of Americans,” Biden said Monday afternoon about his program.
Borrower can have as much as $20,000 in debt canceled through the program President Biden put in place in August through executive order – a move that has resulted in legal challenges.
The most high-profile suit is arguably the one filed by six attorneys general from Republican-led states.
A federal judge in Missouri heard arguments last week on the joint filing for an injunction to prevent the government from carrying out the plan, The Times also reports.
The eligibility income cap for applicants is $125,000 per individual or $250,000 per household.
(Excerpt) Read more at justthenews.com ...
AOC and all her new millions of dollars is at the top of the list
Biden urinating on the Constitution.
8 million people who don’t understand the Constitution.....................
Executive order. Hmm, this sets a great precedent for when Trump or whoever becomes King next.
And they went to college. What does that tell you about colleges these days?
I wouldn’t say they don’t understand the Constitution. I’d say they understand math. The thing is in place, it’s going to happen, the money is going to be spent (or evaporated, whichever). Taking a stand and not doing it doesn’t really change the math. What are they projecting $8 billion I think. $8 billion - $10 thousand is still $8 billion.
Who is paying for this giveaway? I’m no accountant but there are two sides to the ledger.
No, the debt is not cancelled; it is shifted to the taxpayers.
I paid off my student loan 40 years ago, can I get a refund?
Doesn’t Congress control the $?
How much did bush spend to bail out the banks? How much did Trump spend for the lock downs?
The GOP has NO leverage in this situation and lot of risk.
Um, yeah. It’s kinda been that way since 1789. I write “kinda” ‘cuz of what I was learned in gubbermint skool. There be dis ting called the “suggested guidelines”. Congress be da big Daddy when it come to bling, or sum ting like dat.
At least tax University endowments to pay for this!
Forbes.com
Canceling federal student loans will cost the federal government hundreds of billions of dollars— and the general public will eventually end up footing the bill.
According to an official estimate from the Congressional Budget Office, Biden’s student loan cancellation plan will cost $400 billion. However, the office notes that the estimate is “highly uncertain” based on the unknown of how many people would’ve repaid their debt had Biden not taken executive action and how much they still will repay.
Biden previously stated at a press conference that “there is plenty of deficit reduction to pay for the programs.”
But what exactly does “cost the government” mean? Canceled federal student loans would be immediately added to the federal deficit, which measures how much the U.S. spends minus how much it takes in.
Analysts agree that canceling federal student loans would increase the deficit. But what they’re split on is how significant that addition would be, and how the government could eventually recoup the costs.
Snip
Most of these morons will be in just as much debt in six months. They’ll just spend the $20000 on weed and video games.
So one lump payment to Ukraine, or a fraction of the real estate bail out by Bush.
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